Almost everything is becoming digital these days since users want everything on the tip of their fingers. In a recent development, Pakistan Post and Karandaaz Pakistan have inked a contract to digitize money order service at Pakistan Post.
The partnership between the two companies was inked between CEO Karandaaz Pakistan, Mr. Ali Sarfraz Hussain and DG Pakistan Post, Mr. Fakir Syed Shahryaruddin at a ceremony which was co-chaired by Secretary Communications, Mr. Khalid Masood Chaudhry and Group Head Economic Growth, Department for International Development (UKAid), Dr. Louise Walker in Islamabad.
What does the agreement state?
Karandaaz Pakistan has signed a partnership to provide technical support to Pakistan Post in designing a new product ‘mobile money order’. Under the agreement, they will look to provide technical assistance from conceptualization to testing and deployment. Besides, they will also support Pakistan Post in the identification of managerial and technical needs for the new service. The technical knowledge and funding support of Karandaaz team will also help in strategizing and developing a complete business plan.
The vision of this project is to improve Pakistan Post’s service penetration. Moreover, this project is also intended to create new revenue streams.
Statements of top executives
While speaking at the occasion, Fakir Syed was of the view that this project will offer a new portfolio of financial services through digitization. Moreover, it will also help Pakistan Post in refining their service channel penetration. It is expected to improve from 6.5 to 30 per 100,000 people by the year 2020.
DG Pakistan Post also appreciated the part of Karandaaz Pakistan in playing an important role of improving financial inclusion in the country. He further stated:
“In view of the new opportunities in branchless and mobile transactions and e-commerce, Pakistan Post’s reform program aims to contribute to the financial inclusion of rural populations with its nationwide network of post offices by launching its own mobile money order service”
The CEO of Karandaaz, Ali Sarfraz also graced the ceremony with his presence. While sharing his thoughts, he said:
“Karandaaz is committed to enabling greater financial inclusion for currently underserved rural populations and catering to their financial needs. Through this partnership with Pakistan Post, we hope to assist in the development of a digital platform for money order which has the potential to reach the underserved with improved speed, safety and convenience. Pakistan Post’s countrywide outreach and its brand recognition are key factors that will truly help in promoting access to a wide range of financial products and services to individuals, entrepreneurs, businesses, vendors and so forth”
The ceremony was concluded with the closing statement from Secretary Communications. He emphasized on the significance and advantages of digitizing payment procedure to and from governments. In addition, he also made sure to work closely with all stakeholders to achieve Pakistan’s financial inclusion goals.